Renters can let out a sigh of relief this summer as sky-high rents are finally coming down.

After about a 25% rent hike between early 2020 and mid-2022, there are now places in the country where renters can finally get a bit of a break. Monthly rents dipped 0.5% year over year in May, to a median of $1,739 in the 50 largest metropolitan areas. While that’s not a huge improvement for many who’ve been stretched thin, it does mark the first time in years that rents have dropped annually.

But the decline in rents is not uniform, and where rents are falling depends a lot on where you live–and, of course, on the everlasting battle between supply and demand.

“That’s as true for rental housing as it is in the for-sale housing market,” says Realtor.com Chief Economist Danielle Hale.

Rental demand goes up, she says, when incomes are high and rising, and when rents are low and affordable. In this scenario, people might be enticed to look for a bigger space or a nicer neighborhood, or people who’ve been living with roommates (or their parents) might decide it’s time to strike out on their own.

But right now, the opposite is happening.

“Rents are high, perhaps high enough that some people are taking on roommates or moving back in with Mom and Dad,” Hale says.

The fluctuations we’re now seeing are also largely regional. Rents in the West and in the South—where prices shot up over the past few years, but where the labor market has been relatively steady, Hale points out—are cooling. Plus, a surge in newly constructed apartments is beginning to happen, lessening the competition over units.

The West saw a 3% overall rental price drop over the past year, the largest regional decline. However, rental prices in the more affordable Midwest and Northeast are still rising—much to the dismay of tenants.

“With renters actively seeking more affordable places to live, it is expected that lower-rent markets, particularly those in the Midwest region, will experience relatively stronger rental demand, leading to accelerated growth in rents,” Jiayi Xu writes in the Realtor.com monthly rental report.

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Unfortunately for renters—and their bank balances–real estate experts don’t expect prices to come down all that much. Rents are expected to dip only 0.9% this year compared with last, according to the Realtor.com midyear housing forecast.

And despite all the new units in the pipeline, housing is still tight. Many would-be homebuyers have been priced out of the market due to soaring asking prices and sky-high mortgage interest rates. That’s forced many folks to remain renters for longer than they would like.

The movement in rent prices is detailed in the Realtor.com May rental report, which was compiled using studio, one-bedroom, and two-bedroom units advertised as for rent on Realtor.com. This includes apartments, as well as condos, townhomes, and single-family homes in the 50 largest metropolitan areas in the country.

The list excluded Buffalo, NY; Hartford, CT; New Orleans; Providence, RI; and Rochester, NY, because of limitations in the rental data.

We selected only a single metropolitan area per state with the largest rental price decline, to ensure geographical diversity. (Metros include the main cities and surrounding suburbs, towns, and smaller urban areas.)

So where have rental prices fallen the most?

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1. Las Vegas, NV

Median rent price: $1,531
Year-over-year change: -6.0%

Las Vegas. Sin City. The Entertainment Capital of the World. And now, the leader in rent price declines.

During the first two years of the COVID-19 pandemic, rents surged about 40% in Las Vegas, far more than most places. In May 2020, the median rent was around $1,170 a month. Two years later, it hit $1,630.

Bob Brandt, a Realtor, broker, and property manager at Siena Monte Realty in Las Vegas, says he’s not too worried about the recent dip in prices.

In many of the master-planned communities and age-restricted neighborhoods that are aimed at retirees, prices seem like they’ve stabilized.

Over the long term, Brandt says, there’s simply more demand for housing in Las Vegas than the existing inventory can accommodate. That’s why he sees developers building entire communities of single-family rental homes as a sign of continued strength.

“These are well-funded investors, and they see the short supply of homes,” he says. “And they’re willing to invest.”

2. Riverside, CA

Median rent price: $2,302
Year-over-year change: -5.9%

The Riverside metro, about an hour east of Los Angeles in California’s Inland Empire, has been a haven for renters for a while now. In fact, it was on our 2022 list of places where it’s cheaper to rent than buy, and where rent prices had been falling earlier this year when the rent price decline trend began.

That’s a big reversal from the height of the pandemic, when prices in Riverside were shooting up into the stratosphere.

With a median rental price of more than $2,300, Riverside is the most expensive metro on our list. But it’s still a deal destination compared with Los Angeles, where the median rental price is $2,830 a month.

(Fun fact: Riverside recently made our list of affordable golf towns, for its warm weather and relatively cheap real estate prices.)

A two-bedroom apartment halfway between downtown Riverside and the Santa Ana River, near Mount Rubidoux Park, will run about $2,100.

3. Phoenix, AZ

Median rent price: $1,663
Year-over-year change: -5.7%

Phoenix is no stranger to boom-and-bust real estate cycles. The metro was hit particularly hard during the Great Recession but has since recovered—and exploded in popularity during the pandemic. It’s been a favorite of retirees, almost retirees, and young families.

Unsurprisingly, rents increased drastically during the pandemic. The median rent price in the Valley of the Sun rose by 43% from May 2020 (when it was about $1,230) to May 2022 (when it reached $1,760).

But what comes up, must eventually come down.

A fully renovated, century-old, two-bedroom apartment in Phoenix’s historic Roosevelt Arts District neighborhood now goes for $2,400.

4. Austin, TX

Median rent price: $1,641
Year-over-year change: -5.6%

Austin had become the veritable poster child of pandemic-era surges in new housing demand and sharp price increases.

But since interest rates went up over the past year, the capital city of Texas has seen a significant correction, both in home prices and now in rental prices.

From May 2020 to July 2022, rental prices in Austin rose 40%. However, with the decline of the past year, the gain from May 2020 to now is about 22%. That’s been a boon for renters, many of whom have struggled with the increases.

In pricier downtown Austin, $2,200 will get renters a one-bedroom apartment just a couple of blocks from the Colorado River. A three-bedroom home within walking distance of The University of Texas goes for about $2,500.

5. Tampa, FL

Median rent price: $1,793
Year-over-year change: -4.0%

During the pandemic, it sure seemed like everyone knew someone who had picked up and moved to the Sunshine State for its warm weather, low taxes, and somewhat affordable real estate (depending on where transplants were coming from). Rent prices spiked, of course. Until now.

Tampa, the largest metro on Florida’s Gulf Coast–known for its white-sand beaches and theme parks—saw the state’s biggest year-over-year decline, at 4%. The Miami and Orlando metros also saw declines of about 2%.

Only the Jacksonville metro saw rental price increases over the past year, by around 2%.

For $1,600, renters can get a one-bedroom apartment in South Tampa’s Sunset Park neighborhood. Those upping their budgets to about $2,000 can get a modern one-bedroom rental near downtown Tampa.

6. Charlotte, NC

Median rent price: $1,576
Year-over-year change: -3.5%

Charlotte has a lot going for it. It’s a commercial hub for the Southeast with a large banking industry and is home to the NASCAR Hall of Fame. It’s also one of the most affordable metros on our list for renters.

Prices in Charlotte had been relatively stable and affordable headed into the pandemic; then they rose by more than 30%. Now, even with the current dip in prices, the cost to rent a home is up 25% compared with before the pandemic.

There are some bright spots for renters, though.

A two-bedroom home in the Belmont neighborhood a little northeast of downtown Charlotte can be found for around $1,200 per month. For about $1,400, a renter can find a historic apartment within walking distance of downtown.

7. Atlanta, GA

Median rent price: $1,660
Year-over-year change: -3.1%

When it came to real estate, Atlanta lived up to its unofficial moniker “Hotlanta” during the pandemic. Rental prices surged more than 30% from summer 2020 to summer 2022.

But more recently, the heat has been turned down for renters—especially in certain pockets of the city.

“In some areas, it’s about even with last year,” says Cara Cragin, a Realtor in Atlanta. “And in some areas, it’s down 3% to 5%.”

Right now, many Atlanta-area renters are renewing and staying put, says Cragin, who’s with Rent Appeal and manages about 320 properties. Landlords, meanwhile, are holding prices steady for good tenants.

For her, it’s a matter of taking the bitter with the sweet.

“Landlords had a great year last year,” she says. “But now with taxes going up, insurance going up, and prices where they are, things are just catching up.”

8. Denver, CO

Median rent price: $1,969
Year-over-year change: -3.0%

Denver has been a hot housing market for years, even before the rapid housing appreciation of the pandemic. New residents have been drawn to the mountains, the city’s funky culture, the breweries, the legalized marijuana—the list goes on and on. So it’s no surprise that rising rents have been a major issue in the Mile High City and beyond.

State and local officials are searching for ways to put a check on the housing market. The legislature has debated, but not yet passed, controls on rent increases.

Since the end of the Great Recession, home sale prices have risen consistently. That’s left a lot of would-be homeowners competing for rentals instead.

Now, even with the recent decline in rental prices, the median is still 18% above where it was pre-pandemic.

Renters searching for a deal in Denver can look to the popular RiNo (River North) neighborhood, just northeast of downtown Denver, for new-construction apartment megaplexes, often with hundreds of units each.

Those willing to pay $1,700 a month can get a studio apartment in that area. For about $2,000, a renter can get a single-family home in the popular Highlands neighborhood, just a few minutes west of downtown.

9. Seattle, WA

Median rent price: $2,112
Year-over-year change: -1.8%

Seattle has been another popular Pacific Northwest destination for years. But its strong tech industry has suffered recently, with major employers such as Amazon and Microsoft laying off thousands of workers.

With fewer people moving to the city compared with the past few years, landlords have been offering concessions to prospective tenants and trying to hold on to the good ones.

For those looking for a single-family house to rent, Seattle is a tough market. For around the median rental price of $2,100, renters can find a 400-square-foot bungalow with hardwood floors and updated appliances in the Wallingford neighborhood. But if you’re willing to rent an apartment instead, there are many more options throughout the city; that same price range will fetch a studio apartment near the center of downtown.

10. Virginia Beach, VA

Median rent price: $1,436
Year-over-year change: -1.6%

The coastal city of Virginia Beach, a popular destination for vacationers, also boasts the most affordable rentals on our list. The metro includes Norfolk and Newport News, the latter of which was named one of America’s most affordable beach towns by Realtor.com earlier this year.

The biggest change in the area, says Jeremy Caleb Johnson, a Realtor with Long & Foster Realtors, is that rental properties are not being snatched up like they were during the pandemic.

At the height of the frenzy, he had one property receive 15 applications, some offering more than the listed rental price.

That kind of price bidding led to rapid growth, he says. That’s a big departure from what’s happening in today’s rental market.

“There are just more [rental properties] on the market longer,” he says. “So people are not having to bid up the prices.”

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